2024 Women’s Economic Mobility HUB Program

The Women’s Foundation of Arkansas (WFA) is launching its fifth Women’s Economic Mobility Hub (WEM Hub) cohort, a program specifically designed to support Black women-owned businesses. This initiative aligns directly with the WFA's mission to advance economic mobility for women, particularly focusing on a demographic that often faces significant barriers to business growth. By providing a comprehensive suite of resources, the WEM Hub seeks to address systemic inequities and foster sustainable economic empowerment. The primary target beneficiaries of the WEM Hub program are existing businesses that are at least 75% owned and operated by one or more Black women who are U.S. citizens. These businesses must be physically located and operating for over one year within Arkansas, and be in good standing with the Arkansas Secretary of State and current on all taxes. The program specifically excludes not-for-profit entities, focusing instead on for-profit corporations, partnerships, LLPs, LLCs, or sole proprietorships. The core impact goal is to scale these Black women-owned businesses through robust support and unrestricted grant funding. The WEM Hub program prioritizes technical assistance, offering a six-month intensive program that combines online training and in-person meetings. Key areas of focus include expert advice on accounting, financial management, business development, and legal services. Participants also receive ongoing mentorship, engage in peer-to-peer learning sessions, and gain training in communications, public relations, marketing, and leadership skill development. A significant component is the opportunity to establish relationships with participating financial institutions, which is crucial for long-term growth and stability. Expected outcomes include enhanced business acumen, improved financial literacy, and stronger market presence for participating businesses. The program aims for measurable results through the provision of $5,000 in unrestricted grant funds to each business, directly contributing to their scaling efforts. The WFA's strategic priority is to create a tangible pathway for Black women entrepreneurs to not only survive but thrive, thereby reducing economic disparities and contributing to the overall economic health of Arkansas. The underlying theory of change is that by equipping Black women business owners with tailored support, financial resources, and networking opportunities, their businesses will experience accelerated growth, leading to increased economic mobility and wealth creation for the entrepreneurs and their communities.